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XAUUSD market technical outlook
2020-08-12 11:22:06
Gold continues a full-scale downward correction. Decline already reached the area of 61.8% Fibonacci ($1878 for an ounce) and slowed down here. This area is the utmost level for a normal technical correction, therefore there are big odds for upward reversal as uptrend is still valid.
Should the price break the recent low, decline can quite reach the pivot-zone 1779.12-1788.84 (red arrow).
H1-chart:
Local downward structure needs a forming of corrective upswing, which can reach one of two PPZ: 1939.00-1940.00 and 1967.86-1978.53. Here sellers can take the driver’s seat again.
Conclusions:
Growth in direction 1939.00-1940.00 and 1967.86-1978.53 and each of these zones might trigger a new decline.
Trading recommendations:
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Longs in direction 1939.00-1940.00 and 1967.86-1978.53.
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Seeking probable local sell signals at 1939.00-1940.00 and 1967.86-1978.53.
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